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HomeMy WebLinkAbout1870 income, profits, issues and revenues ore hereby mortgaged os if specifically set forth and described in the granting and hobenc.+um clauses hereof, and such receiver shall have all the brood and effective functions and powers in any wise entrusted by o court to a receiver, and such appointment shall be mode by such court os on admitted equity and o molter of absolute right in the Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged, or to the solverx:y or insolvency of the Mortgagor and/or the defendant and such rents, profits, income, issues and revenues shall be applied by the receiver according to the lien and/or equity of this mortgage and the practice of such court, and such appointment of receiver shall be without notice to any obligor hereunder. NINTH: The Mortgagor hereby waives olt'.igffs of homestead and exemption granted by the Constitution and laws of Florida. tt is specifically agreed that time is of the=es4ence in this contract and that no waiver by the Mortgagee of any obligation hereunder or of the obligation secured hereby shall of any time thereaher be held to be a waiver of the trrms hereof or of the obligation secured hereby. TENTH: If all or any port of the above described property or an interest therein is sold or transferred by the Mortgagor, or his successor in interest, without the Mortgagee's prior written consent, excluding (o) the creation of o lien or encumberance subordinate to this mortgage, (b) the creation of o purchase money security interest for household appliances, (d o transfer by devise, descent or by operation of law upon the depth of a joint tenant, or (d) the grant of any leasehold interest of three years or less not containing on option to purchase, the Mortgagee may, at the Mortgagee's option, declare all the wms secured by this mortgage to be immediately due and payable. The Mortgagee shall hove waived such option to accelerate if, prior to the sole or transfer, the Mortgagee and the person to whom the above-described property is to be sold or transferred reach agreement in writ- ing that the credit of such person is satisfactory to the Mortgagee and that the interest payable on the sums secured by this mortgage shall be of such rote os the Mortgagee shall request. ELEVENTH: If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Mortgagee may, at its option immediately or thereafter declare this mortgage and the indebtedness secured here- by due and payable. TWELFTH: That in the event the premises hereby mortgaged, or any port thereof, shall be condemned and taken for public use under the power of eminent domain, the Mortgagee shall have the right to demand that otl damages awarded for the taking of or damages to said premises shall be paid to the Mortgagee, up to the amount then unpaid on this mortgage and the obligation secured hereby and may be applied upon the payments lost payable under this mortgage and the obligation secured hereby. THIRTEENTH: That installments, payable under the temps hereof and the note secured hereby, not paid when due, shall be subject, oher fiheen (15) days from the due dote thereof, to,ond it is agreed Mortgagee shall collect thereon and therewith, a "late charge" in the amount of four per cent (496) of the installment due upon each such delinquent installment, and such "tote charges" ore secured by the lien hereof. FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH hereof, and for application to the purposes thereof insofar os the wme shall be sufficient, Mortgagor shall, in odddition to the monthly payments of principal and interest os stated in the original note (and in the note or notes secured hereby) provided to be mode, pay o monthly wm and amount equal to one-twelhh (1/12) of the estimated annual foxes, assessments and inwronce premiums upon the real estate security, os the amount thereof is determined from time to time by the Mortgagee. FIFTEENTH: That the Mortgagor shall furnish annually, of the request of the Mortgagee, financial statements in form ~ and certified in o manner satisfactory to the Mortgagee. i ~ SIXTEENTH: This mortgage secures on existing indebtedness and also secures any and all renewals and extentions of the promissory note referred to herein and secured hereby, and all installments thereof, and also any other note which may hove been or may hereoher be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee, ~ and this mortgage is oleo intended to be and is a mortgage to secure payment of any and all future or additional advances mode by the Mortgagee of its option to the Mortgagor, or his successor in title, for any purpose, to the some extent os if such future or odditianol advances were mode on the dote of the execution of this mortgage, although there may be no advance made of the time of the execution of this mortgage and although there may be ra indebtedness outstanding at the time any advance is mode. i All such advances are to be mode within twenty years from the dote of this mortgage, or within such lesser period of time as may i be provided hereoher by low as apre-requisite for the sufficiency of actual notice or record notice of the option of future or addi- tional advances as against the rights of creditors or subsequent purchasers .for valuable consideration. The total indebtedness se- cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured of any one time shall EIGHT THOUSAND and no/100 not exceed a maximum principal amount of 8,000.00 - plus interest thereon, and any disbursements mode for the payment of foxes, levies or inwronce on the property covered by the lien of this mortgage, with interest on such disbursements. K 3 i e I ~ s g~ 333 p~f18s8 -3- I ~u 3 ~x~ '.~,.v' 4{. ' - J__